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TransferWise in detail

749 ratings | 51935 views
In this video I show step-by-step and in detail how to make an international money transfer using popular service TransferWise. I use an Australian to Canadian dollar transfer as an example but the steps are almost the same for any currency supported by TransferWise, including US Dollars, UK Pounds, Euros and Yen. The money transfer service shown in this video: ***TransferWise*** http://bit.ly/creativenomad_TW1 [Referral Link to support my channel. The "free transfer" promotion has been phased out :( TW is still a great deal though!] List of supported countries here: http://bit.ly/creativenomad_TW2 My favourite Canadian bank: ***Tangerine*** https://www.tangerine.com Use my Orange Key -- 51960377S1 -- to get a 50$ bonus when you open an account. Alternate money transfer service: ***CurrencyFair*** https://www.currencyfair.com/?channel... [Referral link. Free transfer + 30€ bonus if you transfer 2000€ or equivalent] List of supported currencies to ‘send in’ money: https://www.currencyfair.com/support/en/sending-in/what-currencies-can-i-send-into-currencyfair Check if they have a local account to ‘send in’ your currency: https://www.currencyfair.com/how-it-works/exchange-process-times/ Watch my video explaining fees vs. exchange rate spread and why using your bank to do international transfers is a bad idea: https://www.youtube.com/watch?v=GN09da-aJ3A Music by Chillhop: http://chillhop.com/listen Warmer Sounds - Pizza and Video Games: https://soundcloud.com/chillhopdotcom/sets/bonus-points-warmer-winds-ep Listen on Spotify: http://bit.ly/ChillhopSpotify
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Text Comments (132)
MrAlcho02 (2 days ago)
very good vlog, as I live in Thailand I have been looking for the cheapest way with the best rates to transfer money here from Australia, the bank rates are pitiful, thanks mate!!
CreativeNomad TV (1 day ago)
No worries!
N. Ali (3 days ago)
Hi, I live in Canada, I'm gonna get my salary in my transferwise account. Once I'll receive my money, can I transfer it to my RBC account? If yes how?
CreativeNomad TV (2 days ago)
If you have money in your Borderless Account, you can send out that money to any destination supported by TW. For example if you have Euros in your BA, go to Balances -> EUR -> Send EUR -> Pick your recipient (or create a new recipient). Recipients can be yourself or someone else in any country supported by TW.
Bonita Jordan (4 days ago)
Thank you. I’ll try again. Feeling brain dead.
Bonita Jordan (4 days ago)
Helpful. I’m trying to do my very first transfer from Canada to Uk. I have the sort codes entered but nothing else happens. No where to enter the account number & proceed to the steps you’ve outlined. What do I do now?
CreativeNomad TV (4 days ago)
Once you are logged on TransferWise, go to Activity on top left, then 'send money' (green button) and follow the prompts like shown in the video.
Frankosvensk (11 days ago)
Merci pour la démo, Xavier. Ça m'a été très utile !
CreativeNomad TV (2 days ago)
Oui. Si tu as des Euros sur ton 'Borderless Account' Transferwise (par exemple un client en Europe fait un virement pour te payer en Euros), tu peux ensuite facilement faire un virement de ton compte TW en Euros vers un compte au Canada en CAD. (Balances -> EUR -> Send EUR -> Choisir son compte au Canada comme destination)
N. Ali (3 days ago)
Oh ba tu parles français, j'ai écrit en anglais mais je me débrouille mieux en français. Si je reçois de l'argent sur transferwise sur un compte multi devises euro, est ce qu'après je peux récupérer cet argent sur mon compte RBC? Merci
CreativeNomad TV (9 days ago)
Content de t'avoir aidé!
Sky Pirate (14 days ago)
CreativeNomad TV (14 days ago)
Ryan Tabor (15 days ago)
If for example, I am an employer and I want to send money to my employee's bank account using TW, does my employee need to create a TW account or do I just provide the bank details upon sending the money, et cetera? Thanks for the awesome video!
CreativeNomad TV (14 days ago)
Hi Ryan, yes if you have your employee's bank details (I guess in a different country than yours) you can use 'someone else' as the recipient and TW will deposit the money in their account.
Gary Borg (16 days ago)
Can you get a client paying your transfer wise account with their PayPal account?
CreativeNomad TV (15 days ago)
PayPal isnt a supported way to send money to TransferWise. If your clients are in the UK, Eurozone, USA or Australia you can setup a Borderless Account and give your clients local bank details. They can use these details to do a local bank transfer. More details here: https://transferwise.com/help/article/2865318/borderless-account/how-can-i-use-my-local-account-details
promise buskie (17 days ago)
Thanks for this video, can I make a transfer using a debit card in the USA to send money to Nigeria?
CreativeNomad TV (17 days ago)
Oops sorry! I was sure that Nigeria wasnt supported... maybe they added it recently! So yes it appears that you can send money to Nigeria from the USA. You can send in your US dollars using various methods including credit/debit cards. More info here: https://transferwise.com/help/article/1667423/us-dollar-transfers/usd-transfers#/fromUSA
promise buskie (17 days ago)
+CreativeNomad TV I checked, but there's an option to send to Nigeria ,and it will get delivered on Thursday, does it mean it won't pull through?
CreativeNomad TV (17 days ago)
Nigeria is not supported by Transferwise at the moment.
Martin Tigermaan (17 days ago)
All those pretty good services are underdeveloped. First off all if there are putting a Q&A long as a China wall its means that service need to think about their serviceableness. Okay, transferwise is created to transfer money, but to the end we do not know whether this money can be held directly in the application or just only to transfer from account to account and never really hold money in this application. Because it is quite confusing. Second, the recipient is me and someone else? This is very confusing. The main account is what account, which ones we top up more often, it is not known which main account should be. In total, we are transferring ourselves, but if we transfer money to someone else, we add the account as who, recipient, very illegible this application. I have the impression that, as usual, engineers obstruct everything that can be decidedly easier. If there are films like yours, it just shows that it's all very far from perfection.
CreativeNomad TV (17 days ago)
Thanks for watching!
Abu Imtinaan Muhammad (18 days ago)
So how do I have an account with tranferwise if i don't live in Australia, but Indonesia? Can I have a Australian Tranferwise borderless account living in indonesiaor must I live in australia?
CreativeNomad TV (17 days ago)
Yes you can have a Borderless Account in Australia if you live in a different country. You can hold AUD in your account and use it to receive payments in Australia with a local BSB/account number.
Tom (19 days ago)
pretty good explained, now i got it:)
CreativeNomad TV (19 days ago)
Thanks Tom!
Nice Shot (19 days ago)
I'll be really happy when the start accepting and converting bitcoin to your currency of choice.
Nice Shot (19 days ago)
USA citizen friendly?
CreativeNomad TV (19 days ago)
Yes. You can send and receive money in USD.
Laszlo Szenes (23 days ago)
Thanks, mate! This is really good and informative! I wonder why Transferwise doesn't have a video like this, just the marketing video which doesn't give any details.
CreativeNomad TV (23 days ago)
Thanks for the good words!
Umut Piynar (28 days ago)
Wish it's working in Turkey.
Umut Piynar (14 days ago)
+superdupercutiepie I am not sure, I wish it is :D
superdupercutiepie (14 days ago)
Is it not working in turkey?
barry Brachfeld (29 days ago)
can i just store money on transfer wise platform? in a few different currency? like 50 EUR for a rainy day or do I need to immediately send it to someone?
CreativeNomad TV (28 days ago)
With the 'borderless account' feature you can now store some money in your TW account and transfer it out when it's convenient or when the exchange rate is more favorable.
Jaquanie B (1 month ago)
This info was golden
CreativeNomad TV (1 month ago)
excel michael (1 month ago)
can i send money from SAUDI ARABIA to Nigeria
CreativeNomad TV (1 month ago)
This route isn't available on Transferwise yet.
Henry Partridge (1 month ago)
Absolutely brilliant, really helpful
CreativeNomad TV (1 month ago)
Thanks Henry!
Donald Duck (1 month ago)
TransferWise first off I sent $100 to see if it works then sent $500 they deactivated my account and wont respond to me !!! I JUST LOST $500 FROM THESE CROOKS AND THEY WONT RESPOND
Ray Belanger (1 month ago)
Not surprisingly with a name like Donald Duck
Jorge O (1 month ago)
That sounds like some bullshit... you probably dont know how to work a computer
CreativeNomad TV (1 month ago)
Sorry to hear you're having problems. How did you contact them and how long ago was that? I would be shocked if you lost your 500$. Might take a few days to sort out why they deactivated your account but I'm sure they will refund you if they cant complete the transfer.
Elsa DAHAN (1 month ago)
Very clear video! Thanks Man I understood everything now :)
CreativeNomad TV (1 month ago)
Thank you!
Jc Botik (1 month ago)
omg why is it so complicated
Jc Botik (1 month ago)
nobody is really making a tutorial on how to withdraw from transferwise to bank account :/
Brenae Smilez (1 month ago)
+CreativeNomad TV got it!!!!
CreativeNomad TV (1 month ago)
You can send money to yourself no problem but you need an actual bank account on the receiving end.
CreativeNomad TV (1 month ago)
If you want to send USD to Euros: you pay Transferwise in USD (with credit, debit or local bank transfer), tell TW the details of your Euro bank account in Europe and they will send Euros to that account.
Brenae Smilez (1 month ago)
+CreativeNomad TV wait, so If i do the transfer from my banking account to my debit card, from usd to euros, it just shows later that I habe a certain amount of euros in my account now, verses dollars? This is the part I'm not understanding.
ugalde (2 months ago)
Can we transfer money from Mexico to USA?
CreativeNomad TV (1 month ago)
I've used xe.com in the past without problems. They've been around for a long time. I switched to Transferwise because they were a bit cheaper than XE for my needs. However XE is still much cheaper than using a regular bank.
ugalde (1 month ago)
Xavier Bourque I've never heard of those websites before . Are they secure?
ugalde (1 month ago)
Xavier Bourque thanks, I'll try them
Xavier Bourque (1 month ago)
Unfortunately Transferwise can only send money from USA to Mexico, not the other way around. You might have better luck with other money transfer services like xe.com. You can also check out moneytis.com to search for a money transfer service that will do what you need.
Mehar Kashif (2 months ago)
Send a message if you have a video in Urdu
Soul Peace (2 months ago)
Very helpful - thanks
CreativeNomad TV (2 months ago)
Thank you!
Frank Anderson (2 months ago)
It is complicated asf
CreativeNomad TV (2 months ago)
The first transfer is the worst but once all your details are in the system it's not that bad! Good luck!
Empire Of Kulture (2 months ago)
Hi there, I am soon going to australia and have a Canadian debit card. I dont have an australian bank account yet, can i do the transfer once i'm there? And if I use your link will i have a free tranfer?
Xavier Bourque (2 months ago)
Oh and of course you can do transfers online even after you've left Canada.
Xavier Bourque (2 months ago)
Empire Of Kulture You can setup your Transferwise account even if you dont have an Australian account yet. You can also setup a Transferwise borderless account in AUD if you want to transfer/convert money in advance. However, you will need a 'real' account with an Australian Bank to withdraw cash (the account can be yours or a trusted friend). Unfortunately transferwise has ended my free transfer promotion. You can still support this channel by using the referral links in the description. :)
Irfan Comot (3 months ago)
I have a problem, been stuck for days. Trying to send money from Malaysia to the UK. Got stuck on all paying methods. I cant use my online banking, no way to transfer. What do I do? Please help
David Etcheberry (3 months ago)
Good job my friend! That made the entire concept very clear.
CreativeNomad TV (3 months ago)
Thank you David!
Rj Oro (3 months ago)
How to use swift???
CreativeNomad TV (3 months ago)
SWIFT is an international standard for bank information. It's just an alternate way to identify your bank/branch/account. For some transfers, Transferwise might require the SWIFT code of your recipient's bank.
Louwrens de Kock (3 months ago)
CreativeNomad TV (3 months ago)
I've never used them personally but they seem like an alternative to Transferwise. Either Worldremit or Transferwise should be much cheaper than banks for international transfers. You can use the calculators on the front pages of both TW and WR to see which one will give you the most for your particular transfer.
Nim De Alwis (3 months ago)
Very clear, but when does the receipient have the money in the bank so that they could withdraw ? Is it in a couple of days or hours, please clarify. Thank you
G A (2 months ago)
No..not really fast. I have my account details in transferwise. I had sent once before.Now when i sent money from Singapore to Australia (to my own account)..i was shocked when i saw transfer is complete But i could not see it in my ANZ acct. When i kept using the app to see what has happened...i found that money was sent to Transferwise's ANZ acct and NOT my account...it has been more than 28 hours and it is now the week end and believe me i had tried as many as 10 times trying every help line ..i see in the app.. to get in touch with some one from Transferwise/email/ chat (doesnot work), call (does not work) etc.Nothing works...i dont want to park the money in transferwise...its not about verification etc as all that is cleared..also i have sent once before about 6 months ago. .so why did the bank account details of Transferwise Australia added in between??!!!. MY bank details are still there in the system...I certainly did not type in those details of the Transferwise's bank account (BSB number/ Account Number etc.)....And worst of all is there are no email support as well to my queries, i sent, from the time the app showed as money successfully transferred!!! since that info..i.e.it has been more than 24 hours...i tried clicking on every transferwise help centres etc even in other countries as shown.. bec of the time diff ...trying to get some explain or let them know....no help ...i sent emails with all the reference for the transfer...nothing..no replies to the emails sent 24 hours ago...
CreativeNomad TV (3 months ago)
It varies a lot depending which countries are involved in the transaction. It can be within 24h but can take a few business days on some routes. Transferwise will give you a time estimate before you commit to the transaction.
Eskil Tester (3 months ago)
Nim De Alwis usually within 24hours. max 48.
Mukesh Jain (4 months ago)
Enter the code "CLAIM10" while doing the money transfer using http://transfergo.com . You will get £ 10 or Equivalent money in local currency (around $13 ) into your bank account for free. To be honest trust TransfeGo, it is amazing and quick. For free transfer and free £ 10 use this link: http://transfergo.com/en/r/CLAIM10 I am very happy you don t lose money using them and they have a really good service.
MoneyMatch app (4 months ago)
Use MoneyMatch! #MoneyMatchTransfer
Yuri Nator (4 months ago)
is transferwise better than other accounts like starling bank or monzo?
CreativeNomad TV (4 months ago)
Using dedicated money transfer services like Transferwise is usually *much* cheaper than using a retail bank to transfer money overseas. To see costs compared check out the video titled "Money Transfer Explained" on this channel.
Adrian Biłgorajski (4 months ago)
Do you have any email contact for business inquiry? i Can't find one please contact us: [email protected]
EL HOUCINE LAMSSAFI (4 months ago)
Hi thank you for explain. Can I use this with payoneer ?
Eskil Tester (3 months ago)
EL HOUCINE LAMSSAFI yes you can send from transferwise to payoneer or other way around
Stingsz123 (4 months ago)
The debit card used, can it be from any bank or credit union?? Or it has to be the Transferwise mastercard?
shelly logan (5 months ago)
How do I get a lawyer to transfer estate money from a NZ lawyer to a Canadian lawyer? Thanks!
Mick s (5 months ago)
do not use it, they are a scam company. make 100 aud to hk, it work, but when u send more money, they told u to keep waiting and waiting................................fuckin scam
VasSan Ki (5 months ago)
Hey Buddy! Niiice vid! I´ve got to know: when will it be possible to use your code to send some USD ( U.S.) to MXN ( México) geting the TW MAatercard? I can´t wait touse it so ooooften!
Pardhuman Lal (5 months ago)
Hi, I am in Australia, got Boarderless account - for USA. Can transfer to my AUD to US just fine but when I try to order Debit Card it says the facility is not available in Australia....I noticed you seem to be in Australia...did you manage to get your Debit Transferwise Card?? Thanks
CreativeNomad TV (5 months ago)
I used to live in Australia but I am in Canada now. I think the debit card is only available in the UK/EU at this time. Cant get one either.
Marcus Marcus (6 months ago)
Can you send money from bank going to Transferwise without creating an account in your website? If i'm the using a Chase bank in the US then directly sent to someone using Transferwise is it possible?
CreativeNomad TV (6 months ago)
If you want to use Transferwise (or any money transfer service) you need to create an account with them. You will need to send them some ID and proof of address documents to open your account.
mars (6 months ago)
Does this app work in BRUNEI?
CreativeNomad TV (6 months ago)
No it doesnt at the moment unfortunately. You can search on moneytis.com and perhaps you can find an alternative to TW depending which country you want to send from/to.
phoenixbluex (6 months ago)
Is there a way to transfer USD to another country without changing the currency? I don't see that option on their website.
phoenixbluex (6 months ago)
Thanks. My bank doesn't support international wire transfer so I was hoping I can use TransferWise. I guess I have to either convert the currency or sign up for a different bank.
CreativeNomad TV (6 months ago)
Transferwise is really meant for currency conversion. If you want to send USD to USD then I guess an international SWIFT wire transfer may do what you need.
Somal Lo (6 months ago)
They copied it from Worldremit, how do I know? I'm a proud Worldremit customer.
Thomas Begin (6 months ago)
1. I am based in Canada and want to pay my supplier located in China using USD. Will TransferWise let me send X amount of CAN dollars so that my supplier in China receives X amount in USD? 2. Can I receive money in USD and keep it in my TransferWise account? So that when I need to pay my supplier, instead of transfering CAN to USD, I would simply pay him with the USD dollars I received? In other words, does the location of where we are sending the money or receiving money mathers?
CreativeNomad TV (6 months ago)
Hi Thomas. Yes 'location matters'! In general, Transferwise only allows you to 'send in'/'send out' currencies in their respective countries. For example CAD can only be sent/received within Canada. For more details check this link: https://transferwise.com/help/article/1570071/basic-information/supported-countries Transferwise also offers a 'Borderless Account' which gives you a virtual US bank account. You can send in CAD for example, convert it to USD and keep it in your Borderless Account as USD until you need it. You can also give your virtual account details to people/businesses in the US so they can pay you in USD directly. If your supplier accepts CNY, you may be able to send it using TW (see link above). Otherwise if your supplier has a USD account in the US, you can definitely use TW to pay them.
Metrowhite (6 months ago)
Can I just convert currency using their service? I have two debit mastercards one in EUR other in USD. Can I suppliment my card with one of those currencies and make a transfer or exchange to the other one?
CreativeNomad TV (6 months ago)
TW can only send out money to bank accounts. If you have bank account details where you can send the money to top up your cards, the yes you can use TW. Alternately if you live the UK/EU, have a look at the new Transferwise Debit MasterCard. This one can be topped up using the balance of your Transferwise Borderless Accounts.
Frog - Tech - Tips (6 months ago)
Nice man good explain
Sam Theresa (6 months ago)
Haha what was that opening!
CreativeNomad TV (6 months ago)
Getting in The Zone! :)
Joe Silva (6 months ago)
trying to buy 20 boxes of 100' patio lights from India, will transferwise work? am I protected since I have never imported from anywhere...
CreativeNomad TV (6 months ago)
Unlike PayPal, Transferwise only provides money transfer services, no buyer protection as far as I know.
K Gillen (6 months ago)
Great info on sending to yourSELF. What about sending to another party? What tips, suggestions, etc.? Thx.
CreativeNomad TV (6 months ago)
Transferwise has the option to send money to someone other than yourself. See the screen at 1:42 titled "Who are you sending money to?". If you know the bank details for the recipient, you can fill them in yourself when setting up the transfer. If you don't know their bank details, then you need to provide the recipient's email address and TW will send them a form to fill in their bank details themselves. Either way the recipient needs to have a bank account to receive the funds.
Chris Enitan (7 months ago)
Great video. So how long does it take for the recipient to get the money?
CreativeNomad TV (7 months ago)
When you setup the transfer TW gives you an estimated "Should arrive by..." date. It varies quite a bit depending which currencies your are sending to/from and which payment method you use to send your money to TW. The example shown in the video took 1 business day, but you can expect at least a few business days for larger transfers and more "exotic" routes.
Aden , (7 months ago)
What if you just want to receive cash in the form of a different currency to your native one? I do this when I go abroad and need the local currency, but usually get ripped off by the currency exchange people with the bad rates. Is there any place you can send a TW transfer then collect the cash from a merchant (if it's called)? that).
Ryan Benbow (5 months ago)
Did you have any luck? I want to transfer money from my Australian bank account to TransferWise, have them change it to Euro and USD and then forward that onto my Cash Passport, but can't as my cashpassport doesn't have an Iban number because i'm not a european resident
Aden , (7 months ago)
CreativeNomad TV thanks I'll look it up. 👍
CreativeNomad TV (7 months ago)
If you are a resident of Europe/UK, Transferwise just released their debit MasterCard a few days ago. Combined with their "Borderless Account", this seems to be the best way to get a good exchange rate when making purchases on holiday for example. I can't wait to test it myself, but since I live in Canada, I'll have to wait a bit longer. :) Otherwise getting cash foreign currency at decent rates is still difficult I've found.
Marlon Elias (7 months ago)
What if my recipient doesn't have a bank account, can they pick it up on a specific location?
Thang Mach (1 month ago)
Go to Western Union
CreativeNomad TV (7 months ago)
Unfortunately, at the moment, you can only use a bank account as a destination with TransferWise.
BloodWok (7 months ago)
Can you write a description of the transaction in transferwise? So that the company Who receives the money knows Who sent it?
BloodWok (7 months ago)
CreativeNomad TV thanks a lot
CreativeNomad TV (7 months ago)
You should be able to include a reference when setting up the transfer, depending which country you are sending the money to. Some more information here: https://transferwise.com/help/article/2348295/business/business-payment-tips
Daniel Silva (8 months ago)
what a video, buddy! Pretty good!
CreativeNomad TV (8 months ago)
Thanks Daniel!
Theodore Kufahl (8 months ago)
Does TransferWise require the banks you are using to be an active participant in the process? What I mean is, do you have to use a bank that accepts TransferWise transfers, or is it just a straightforward deposit? The recipient to whom I am sending money asked about TransferWise at the bank, and they were told that the bank only accepts Western Union, MoneyGram, and Swift. I think TransferWise is a much better deal, but I'm not sure if it would work. Thanks.
CreativeNomad TV (8 months ago)
If your recipient's country is supported (see here: https://transferwise.com/help/article/1570071/basic-information/supported-countries ) then you should be able to send money to any bank account in that country. Transferwise uses local banks for sending money as well as receiving, so as far as the recipient's bank is concerned, it's just a local transfer from some local bank.
CreativeNomad TV (8 months ago)
Hi Theodore, no the bank doesn't have to be affiliated with TransferWise. The method that TW uses to deposit the money in the receiving account varies from country to country. If your recipient's bank accepts SWIFT there is a very good chance TW can send money there.
Jun I (8 months ago)
Can you comment on which service (Transferwise vs XE) is more reliable,straightforward/upfront, and which one has better rate? Many thanks!
CreativeNomad TV (8 months ago)
You can check out my video called 'Money Transfer Explained' where I compare XE, Transferwise and Currencyfair. Transferwise is cheaper than XE and has a sleeker website/app in my opinion. You also have more ways to pay for your transfer with TW. However XE covers more countries than TransferWise so if your country isnt supported, than XE is still way better than the banks. I've used XE in the past quite a bit and used TW a lot recently and they have both been equally reliable The main reason I switched was because TW is cheaper.

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